The labor force is a primary component that contributes and influences economic growth. In this age of globalization, international businesses rely heavily on human capital as the source of gross domestic product. Workers produce goods and services for businesses everywhere. Without them, there is no business. This effect is felt when the labor force goes on strike and when they do, the economy falters. Workers affect the outcome of the international market by the quality of products they produce and the excellent service they provide.
However, this could be done if businesses implement labor quality in their operations. Traditionally, labor quality refers to technical skills and education of workers. Today, it covers the attitudes, creativity, able to work in a team, and decision making of laborers to be able to make recommendations and develop effective strategies for competition. Unemployment is an issue to many countries because of lower labor quantity, which is the number of people who have jobs.
Not all people could find work. This is where the labor market comes in where it matches people looking for jobs and businesses seeking employees. As a consequence job mobility becomes rampant, where people look for other jobs that offer better wages either
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Minorities are small group of workers like Asians, Hispanic, Africans, and even women. Now these minorities have become vital to the economy because of the skills they possess, which governments recognize. This is still the effect of globalization where these minorities migrate for better job opportunities. As a shield in protecting workers, labor unions were established worldwide to negotiate and bargain for the terms and conditions of work, higher wages, fringe benefits, job security, improve working conditions, and hearing of grievances.
References Ward, William A. (1997). Labor Quality and Economic Development: Development Strategies for Anderson County (South Carolina) In the New Global Competition. Working Paper WP081597 August 15, 1997. Retrieve June 29, 2006, from http://cherokee. agecon. clemson. edu/wp081597. pdf Krugman, P. R. and Obstfeld, M. (2002). International Economics: Theory and Policy. 6th Ed. Addison Wesley, July 26, 2002. ISBN: 0201770377.